Conference Recap

Conference

Conference

Mon., May 22, 2023 - Tue., May 23, 2023

Technology-Enabled Disruption Conference: Uncertainty and Prospects for Disruptive Investments

#techdisrupts23

The Richmond Fed, in partnership with the Federal Reserve Banks of Atlanta and Dallas, hosted the fifth annual Technology-Enabled Disruption (TED) Conference. This conference series is designed to provide a better understanding of the ways in which technology enables change and, especially, disrupts existing business practice, altering the environment in which both they, and the consumers who are the reason we care about business in the first place, operate.

This year, the conference focused on uncertainty and technology, in three pieces:

Macroeconomic Uncertainties and Technology Investment
Uncertainty and the Path Ahead for the Tech Sector
Market Volatility and Energy Transitions

Against this backdrop, the aim was to foster discussion on how to appropriately manage in climate related energy transitions, how to think about the transformative activities happening in technology, and how to address these issues in a fraught macro-economic environment. And despite being faced with high uncertainty in many areas, individuals, academics, policymakers and business leaders still all have to make decisions regarding critical investments—in equipment, technology, business practices, and people.

Throughout the conference, all speakers and panelists emphasized how quickly things are changing, specifically in the areas of climate and technology. And it is very clear that as consumers – whether as individuals, business leaders, policymakers or academics – we need to pick up the decision-making pace in order to keep up.

Keynote speaker Gillian Tett, trained-anthropologist-turned-financial-press-leader, emphasized the need to step out of traditional frameworks in order to better understand the other “tribes” that usually must work together to solve problems in real life: Silicon Valley, Wall Street, and policymakers may each have a different set of norms, language, and customs. Andrew Young, Chief Financial Officer at Capital One, further reinforced that these past pandemic years have forced businesses out of typical patterns, and how now, as the world begins to normalize, leaders need to think through ways to get the best of what has been learned. He helpfully spoke of business working to “earn the commute” that they may now ask employees to do more of.

Instead of being threatened by the uncertainty, a consistent theme from panelists was the need to accept a fast-changing world. This was apparent in the discussion of ensuring that the expertise of both legacy and alternative energy producers would be brought to bear to deliver a smart “all of the above” path to a cleaner future, one that would stave off the worst effects of emissions without placing inordinate costs on consumers both here and elsewhere.

In any conference that emphasizes technology and disruption, innovation has to be front and center. Evening keynote speaker Eric Budish reviewed important research findings of his related to the issue of whether the “rules of the game” allow for the right kinds of innovation, or reward things we can all recognize as wasteful. A theme of Budish’s remarks was that human ingenuity, at both the individual level and the level of teams who run businesses, is very powerful at extracting privately-beneficial advantage, and if society as a whole is to benefit, policymakers—who set the rules for competition—should know that a lot is at stake in getting it right.

Interested in the content presented at the conference? Recordings of sessions, including a lovely recap of the event by Beth Anne Wilson, from the 2023 TED conference can be accessed on YouTube.

1 of 11 Conversation featuring Fed President’s Barkin and Bostic, moderated by New York Times opinion writer Peter Coy.
2 of 11 Raphael Bostic, Atlanta Fed President, featured during the Conversation with the Fed President’s portion of the conference.
3 of 11 Morning keynote “When Tech Meets Finance”, presented by Gillian Tett, Chair of Editorial Board and Editor-at-Large, US Financial Times.
4 of 11 Dietrich Vollrath, Professor of Economics at the University of Houston, discusses research related to technology investment.
5 of 11 Technology investment business leader perspective panel, featuring Nicole Thomas, Colin Connolly, and Andrew Young, moderated by Paula Tkac.
6 of 11 Tyson Tuttle presenting during the Uncertainty and the Path Ahead for the Tech Sector panel.
7 of 11 Tammy Wilson and Reagan Farr, panelists featured on the Market Volatility and Energy Transitions panel.
8 of 11 Michael Mansfield, CEO of Mansfield Energy, presenting during the Market Volatility and Energy Transitions panel.
9 of 11 Evening keynote speaker Eric Budish, presenting “Market Design and Innovation”.
10 of 11 Dallas Fed President Lorie Logan provides opening remarks during day two of the conference.
11 of 11 Engaged audience during the 2023 TED conference.

Keynote Speakers

Eric Budish

The University of Chicago Booth School of Business

Gillian Tett

The Financial Times

Speakers

Sunayna Tuteja

Federal Reserve System

Tyson Tuttle

Silicon Labs

Dietrich Vollrath

University of Houston

Beth Anne Wilson

Board of Governors of the Federal Reserve System

Tammy Wilson

Tennessee Valley Authority

Andrew Young

Capital One

Agenda

Monday, May 22, 2023
10:00 am

Registration and Refreshments
10:45 am
Welcome
- Mark Wynne
  Vice President, Associate Director of Research and Director of the Globalization Institute
  Federal Reserve Bank of Dallas
10:50 am
Morning Keynote
- Gillian Tett
  Chair of the editorial board and editor-at-large, US Financial Times
11:30 am
A Conversation with the Federal Reserve Presidents
- Tom Barkin
  President and CEO, Federal Reserve Bank of Richmond
- Raphael Bostic
  President and CEO, Federal Reserve Bank of Atlanta
- Peter Coy, moderator
  Writer, New York Times Opinion
12:30 pm

Lunch
01:25 pm
Section One: Market Volatility and Energy Transitions

A major source of macro volatility has been energy. Will the recent turbulence and connection to geopolitics of traditional energy help to speed the transition to alternative technologies? On the one hand, soaring prices for fossil fuels may drive consumers and businesses to electric vehicles and boost investment in clean technologies. On the other hand, high prices may induce more investment and production in oil and gas—though this will depend especially on the outlook for policies and regulation. What can we expect for Tech Enabled Disruption in a world of volatile energy?

Business Leader Perspective
- Reagen Farr
  President & CEO, Silicon Ranch
- Michael Mansfield, Sr.
  CEO, Mansfield Energy
- Tammy Wilson
  Vice President, Treasurer and Chief Risk Officer, Tennessee Valley Authority
- Robert Litterman
  Chairman of risk committee and founding partner of Kepos Capital
- Courtenay Brown, moderator
  Economics Reporter, Axios
02:35 pm

Break
02:45 pm
Research Perspective
- Gilbert E. Metcalf
  Professor of Economics Emeritus, Tufts University
- Mar Reguant
  Professor, Northwestern University
- Jacquelyn Pless
  Assistant Professor in the Technological Innovation, Entrepreneurship, and Strategic Management group at the MIT Sloan School of Management and the Fred Kayne (1960) Career Development Professor of Entrepreneurship
- Joshua Linn
  Professor, University of Maryland
- Courtenay Brown, moderator
  Economics Reporter, Axios
03:55 pm

Break
04:05 pm
Section Two: Uncertainty and The Path Ahead For the Tech Sector

The technology sector appears to be restructuring. The market has recently seen drops in tech valuations, a contraction in venture capital funding and news making layoffs in leading tech firms. Factors here include a substantially tighter monetary policy environment and elevated market uncertainties. How will tech firms survive and thrive in the current and near-term environment? How should macro and regulatory policies respond to market developments? What does the long-run look like, including the path ahead for truly disruptive technologies such as Chat GPT and AI more generally?
- Sunayna Tuteja
  Chief Innovation Officer, Federal Reserve System
- Tyson Tuttle
  Technical Advisor and Former CEO, Silicon Labs
- Anton Korinek
  Professor, Brookings and University of Virginia
- Chiara Scotti, moderator
  Senior Vice President and Director of Research, Federal Reserve Bank of Dallas
05:15 pm

Reception
06:00 pm
Dinner & Keynote
- Eric Budish
  Paul G. McDermott Professor of Economics and Entrepreneurship and Centel Foundation/Robert P. Reuss Faculty Scholar, The University of Chicago Booth School of Business
07:45 pm

Adjourn
Tuesday, May 23, 2023
08:15 am

Registration & Breakfast

09:00 am

Welcome

Lorie Logan
President and CEO, Federal Reserve Bank of Dallas
09:15 am
Section Three: Macroeconomic Uncertainties and Technology Investment

Disrupted supply chains, rising inflation and the threat of recession have escalated market uncertainties that may threaten firms’ investments in technologies, especially disruptive and pathbreaking ones. On the other hand, investing in technologies might be essential to stay robust in the face of a more turbulent world and mitigate the impact of adverse market conditions, including the risk of generally tighter labor markets going forward. How will businesses react to ongoing market challenges in their technology investment decisions? What will be the likely direction and pace for such investments? What roles could policies play to mitigate the effects of uncertainty and/or facilitate technology investments? What are the implications for aggregate productivity?

Business Leader Perspective
- Nicole B. Thomas
  Hospital President, Baptist Medical Center Jacksonville
- Colin Connolly
  President and Chief Executive Officer, Cousins Properties
- Andrew Young
  Chief Financial Officer, Capital One
- Paula Tkac, moderator
  Senior Vice President and Associate Director of Research, Federal Reserve Bank of Atlanta
10:15 am

Break
10:35 am
Research Perspective
- John Haltiwanger
  Professor of Economics, University of Maryland
- Nicolas Crouzet
  Associate Professor of Finance, Northwestern University
- Jonathan Haskel
  External Monetary Policy Committee Member, Bank of England
- Dietrich Vollrath
  Professor, University of Houston
- Paula Tkac, moderator
  Senior Vice President and Associate Director of Research, Federal Reserve Bank of Atlanta
11:50 am
Closing Remarks
- Kartik Athreya
  Executive Vice President and Director of Research, Federal Reserve Bank of Richmond
- Beth Anne Wilson
  Director, Division of International Finance, Board of Governors of the Federal Reserve System
12:00 pm

Lunch

01:15 pm

Adjourn

Who Should Attend

Economists, business leaders, central bankers, educators, general public

Previous Conferences

2022: Technology-Enabled Disruption: Disruptions from the Pandemic and the Path Ahead, hosted by the Atlanta Fed
2021: Technology-Enabled Disruption: Implications for Business, Labor Markets and Monetary Policy, hosted by the Dallas Fed
2019: Technology-Enabled Disruption: Implications for Business, Labor Markets and Monetary Policy, hosted by the Dallas Fed
2018: Technology-Enabled Disruption: Implications for Business, Labor Markets and Monetary Policy, hosted by the Dallas Fed

Contact Us

Research Department (804) 697-8000